Starwood Hotels Resorts Worldwide Inc

* Schering-Plough Corp. plans to cut 1,100 jobs in New Jersey and Puerto Rico as part of an overhaul intended to make the drug maker more competitive. * Volkswagen said it had offered severance packages to 85,000 workers. * Starwood Hotels & Resorts Worldwide Inc. said it would enter the extended-stay business by opening at least 25 properties a year over the next five years.

* Schering-Plough Corp. plans to cut 1,100 jobs in New Jersey and Puerto Rico as part of an overhaul intended to make the drug maker more competitive. * Volkswagen said it had offered severance packages to 85,000 workers. * Starwood Hotels & Resorts Worldwide Inc. said it would enter the extended-stay business by opening at least 25 properties a year over the next five years.

Starwood Hotels & Resorts Worldwide Inc., Starwood Capital Group and investment bank Lehman Bros. said they would buy the Le Meridien chain of high-end hotels in a long-expected deal. That news came just hours after Marriott International, Sunstone Hotel Investors and Walton Street Capital said they would buy 32 hotels and joint ventures from CTF Holdings Ltd. in a $1.45-billion deal.

Starwood Hotels & Resorts Worldwide Inc., Starwood Capital Group and investment bank Lehman Bros. said they would buy the Le Meridien chain of high-end hotels in a long-expected deal. That news came just hours after Marriott International, Sunstone Hotel Investors and Walton Street Capital said they would buy 32 hotels and joint ventures from CTF Holdings Ltd. in a $1.45-billion deal.

Starwood Hotels & Resorts Worldwide Inc., the largest U.S. hotel owner, swung to a profit in the fourth quarter as bookings rebounded at the company's Westin and Sheraton chains from a year earlier as a result of a travel slowdown after the Sept. 11 terrorist attacks. Net income was $91 million, or 45 cents a share, compared with a loss of $54 million, or 28 cents, a year earlier. Revenue rose 12% to $1.17 billion. Shares of Starwood rose $1.23 to $23.17 on the New York Stock Exchange.

Starwood Hotels & Resorts Worldwide Inc., operator of the Sheraton, Westin and W Hotels brands, has named former Coca-Cola Co. President Steven J. Heyer as chief executive to succeed company founder Barry S. Sternlicht, effective Oct. 1. The firm said Sternlicht would assume the position of executive chairman, reducing his day-to-day role to focus on long-term strategies for the firm as well as capital investment and real estate matters. Shares of Starwood rose $1.69 to $46.26 on the NYSE.

Sun International Hotels, owner of the Atlantis resort in the Bahamas, agreed to buy Desert Inn from Starwood Hotels & Resorts Worldwide Inc. for $275 million in cash. The purchase would mark Sun International's entry into Las Vegas, the world's largest gambling market. Starwood, the world's largest hotel owner, is selling its major casino resorts to focus on its Sheraton and Westin hotel chains.

Starwood Hotels & Resorts Worldwide Inc. said it plans to sell its luxury Ciga Group of hotels in Europe for more than $1.44 billion in a bid to boost its sagging share price. White Plains, N.Y.-based Starwood owns 25 hotels in the Ciga Group, including former royal palaces and historic buildings such as the Gritti Palace and Danieli in Venice. It plans to begin marketing the properties sometime next year.

Upscale resort operator Starwood Hotels & Resorts Worldwide Inc. confirmed it is in talks to sell its gaming business, including the Caesars casino line. It did not disclose details of the negotiations, including the other party or the potential price tag on any deal. Last week, shares of Starwood and casino giant Park Place Entertainment Corp. rose on rumors that Park Place would acquire an interest in Starwood. Reports of the talks surfaced in January.

Starwood Hotels & Resorts Worldwide Inc. and Marriott International Inc. said their fourth-quarter earnings jumped as demand for rooms allowed them to raise rates. Starwood, the largest hotel chain with brands that include Sheraton and Westin, said its profit climbed fivefold to $279 million, or $1.40 a share, from $56 million, or 85 cents, a year earlier, and revenue was up fourfold at $1.24 billion. Analysts had lowered their estimates to $1.

Starwood Hotels & Resorts Worldwide Inc., operator of the Sheraton, Westin and W Hotels brands, has named former Coca-Cola Co. President Steven J. Heyer as chief executive to succeed company founder Barry S. Sternlicht, effective Oct. 1. The firm said Sternlicht would assume the position of executive chairman, reducing his day-to-day role to focus on long-term strategies for the firm as well as capital investment and real estate matters. Shares of Starwood rose $1.69 to $46.26 on the NYSE.

The union representing workers in contentious contract negotiations with nine local hotels said it would file a lawsuit today against Starwood Hotels & Resorts Worldwide Inc. alleging unfair job practices. The lawsuit will accuse two hotels managed by Starwood, the St.

Starwood Hotels & Resorts Worldwide Inc., the largest U.S. hotel owner, swung to a profit in the fourth quarter as bookings rebounded at the company's Westin and Sheraton chains from a year earlier as a result of a travel slowdown after the Sept. 11 terrorist attacks. Net income was $91 million, or 45 cents a share, compared with a loss of $54 million, or 28 cents, a year earlier. Revenue rose 12% to $1.17 billion. Shares of Starwood rose $1.23 to $23.17 on the New York Stock Exchange.

Starwood Hotels & Resorts Worldwide Inc. said it plans to sell its luxury Ciga Group of hotels in Europe for more than $1.44 billion in a bid to boost its sagging share price. White Plains, N.Y.-based Starwood owns 25 hotels in the Ciga Group, including former royal palaces and historic buildings such as the Gritti Palace and Danieli in Venice. It plans to begin marketing the properties sometime next year.

Starwood Hotels & Resorts Worldwide Inc., owner of the Sheraton, Westin and other major hotel chains, said it will invest $30 million in Zoho Corp. and will channel much of its $3 billion a year in purchases through the Internet-based hotel-goods supplier. The deal with Zoho follows the collapse of talks between Starwood and rival hotelier Marriott International Inc. to establish an online supply pact with massive purchasing power on the Internet. Under terms of the deal with Sunnyvale, Calif.

Sun International Hotels, owner of the Atlantis resort in the Bahamas, agreed to buy Desert Inn from Starwood Hotels & Resorts Worldwide Inc. for $275 million in cash. The purchase would mark Sun International's entry into Las Vegas, the world's largest gambling market. Starwood, the world's largest hotel owner, is selling its major casino resorts to focus on its Sheraton and Westin hotel chains.

Starwood Hotels & Resorts Worldwide Inc., owner of the Sheraton, Westin and other major hotel chains, said it will invest $30 million in Zoho Corp. and will channel much of its $3 billion a year in purchases through the Internet-based hotel-goods supplier. The deal with Zoho follows the collapse of talks between Starwood and rival hotelier Marriott International Inc. to establish an online supply pact with massive purchasing power on the Internet. Under terms of the deal with Sunnyvale, Calif.

Park Place Entertainment Corp., the world's largest casino operator, said Tuesday that it agreed to buy the Caesars World casino chain from Starwood Hotels & Resorts Worldwide Inc. for $3 billion in cash to expand in Las Vegas and Atlantic City, N.J. Caesars is the sixth-largest U.S. casino chain. Park Place, spun off from Hilton Hotels Corp. in December, owns the Hilton, Bally's and Grand casino chains.

Park Place Entertainment Corp., the world's largest casino operator, said Tuesday that it agreed to buy the Caesars World casino chain from Starwood Hotels & Resorts Worldwide Inc. for $3 billion in cash to expand in Las Vegas and Atlantic City, N.J. Caesars is the sixth-largest U.S. casino chain. Park Place, spun off from Hilton Hotels Corp. in December, owns the Hilton, Bally's and Grand casino chains.

Upscale resort operator Starwood Hotels & Resorts Worldwide Inc. confirmed it is in talks to sell its gaming business, including the Caesars casino line. It did not disclose details of the negotiations, including the other party or the potential price tag on any deal. Last week, shares of Starwood and casino giant Park Place Entertainment Corp. rose on rumors that Park Place would acquire an interest in Starwood. Reports of the talks surfaced in January.